International Review of Financial Analysis最新文献

{"title":"Revealing the invisible: the role of delayed trader identity disclosure in information efficiency","authors":"Alex Frino,&nbsp;Robert Gaudiosi,&nbsp;Vito Mollica,&nbsp;Z. Ivy Zhou","doi":"10.1016/j.irfa.2026.105412","DOIUrl":"10.1016/j.irfa.2026.105412","url":null,"abstract":"<div><div>This paper investigates how the timing of institutional trader identity disclosure affects market information efficiency. We develop a theoretical model in which risk-averse informed traders, receiving noisy signals, may refrain from trading when potential profits do not justify the informational risk. In the absence of trader identity disclosure, this behaviour leads to an incomplete incorporation of private information into prices. We empirically test this mechanism using a hand collected dataset of 1232 institutional trade packages on the Australian Stock Exchange, where trader identities are disclosed with varying delays. We document significant abnormal returns upon identity disclosure, with no attenuation based on the length of the disclosure delay, contradicting the prediction that order flow alone fully aggregates private information over time. Furthermore, price informativeness increases with execution-period microstructure noise, indicating that such noise impedes inference from order flow and that identity disclosure acts as a corrective mechanism. Our numerical analysis reveals an overlooked inefficiency in anonymous trading environments that demonstrates delayed, but not immediate, identity disclosure can enhance price discovery without deterring informed trading. Our results challenge classical models of market microstructure and offer timely policy implications: modest post-trade disclosure delays may effectively balance market transparency with incentives for information acquisition.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"118 ","pages":"Article 105412"},"PeriodicalIF":10.2,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149124178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Monitoring concerns and debt structure diversification in Indian firms","authors":"Mithun Samanta,Ajay Kumar Mishra,Katarzyna (Kasia) Platt","doi":"10.1016/j.irfa.2026.105468","DOIUrl":"https://doi.org/10.1016/j.irfa.2026.105468","url":null,"abstract":"","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"25 1","pages":"105468"},"PeriodicalIF":8.2,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149210646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Can central bankers' talk predict bank stock returns? A machine learning approach","authors":"Apostolos G. Katsafados,George N. Leledakis,Nikolaos P. Panagiotou,Emmanouil G. Pyrgiotakis","doi":"10.1016/j.irfa.2026.105465","DOIUrl":"https://doi.org/10.1016/j.irfa.2026.105465","url":null,"abstract":"","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"31 1","pages":"105465"},"PeriodicalIF":8.2,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149210645","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Hedging with daily beta loses momentum","authors":"Jan Annaert,&nbsp;Marc De Ceuster,&nbsp;Freek Van Doninck","doi":"10.1016/j.irfa.2026.105413","DOIUrl":"10.1016/j.irfa.2026.105413","url":null,"abstract":"<div><div>Long–short portfolios designed to capture value and momentum premia retain market exposure, requiring hedging for factor isolation. Hedging effectiveness depends on the return frequency from which the hedging <span><math><mi>β</mi></math></span> is estimated. For monthly-rebalanced portfolios, daily <span><math><mi>β</mi></math></span> estimates underestimate momentum portfolios’ negative market exposure. Monthly <span><math><mi>β</mi></math></span> estimates eliminate this bias, delivering market-neutral portfolios and improving momentum returns by 2.6 percentage points annually. They remain superior at a quarterly evaluation horizon, where quarterly estimates prove too noisy. A guiding principle emerges: estimate the hedging <span><math><mi>β</mi></math></span> from the highest return frequency at which the precision gained is not outweighed by the bias incurred.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"118 ","pages":"Article 105413"},"PeriodicalIF":10.2,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149123822","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Forecasting Bitcoin realized volatility under regime switching and delayed mean reversion","authors":"Zidong Huang,Sidan Wang,Zhong-Wei Liao","doi":"10.1016/j.irfa.2026.105461","DOIUrl":"https://doi.org/10.1016/j.irfa.2026.105461","url":null,"abstract":"","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"22 1","pages":"105461"},"PeriodicalIF":8.2,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149210644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does local government debt expansion exacerbate corporate climate risk exposure?","authors":"Wen Chen,&nbsp;Li Xia,&nbsp;Jin Guo","doi":"10.1016/j.irfa.2026.105427","DOIUrl":"10.1016/j.irfa.2026.105427","url":null,"abstract":"<div><div>Using a dataset of Chinese A-share manufacturing firms from 2007 to 2021, this study evaluates the environmental consequences of local government debt (LGD) expansion. While the economic effects of LGD have been extensively examined, its environmental repercussions—particularly with respect to corporate climate risk exposure—remain insufficiently understood. Our empirical results show that a one-standard-deviation increase in LGD is associated with a 0.045-standard-deviation rise in corporate climate risk exposure. Two primary transmission channels are identified. First, LGD expansion crowds out long-term bank credit, pushing firms toward costly informal financing and constraining green investment. Second, growth-oriented local governments strategically relax environmental enforcement, reducing regulatory pressure for low-carbon transitions. These effects are more pronounced among low-cash, asset-intensive, and highly polluting firms. Moreover, banking competition intensifies these environmental costs when government-market relations are distorted, whereas LGD governance reforms effectively mitigate them. This study provides micro-level evidence of the environmental externalities of LGD and offers policy insights for coordinating fiscal–financial reforms to mitigate climate risks.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"118 ","pages":"Article 105427"},"PeriodicalIF":10.2,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149159767","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The new securities law and corporate financial resource misallocation: Evidence from high-tech A-share firms in China","authors":"Chen Wang,&nbsp;Kui Xu,&nbsp;Zijun Xin","doi":"10.1016/j.irfa.2026.105418","DOIUrl":"10.1016/j.irfa.2026.105418","url":null,"abstract":"<div><div>The implementation of the new Securities Law represents a major institutional reform of China's capital market, with important implications for the allocation of financial resources in high-tech enterprises. Using high-tech enterprises listed on the Shanghai and Shenzhen A-share markets from 2015 to 2024, this study treats the reform as a quasi-natural experiment to examine its effect on financial resource misallocation. The results show that, following the implementation of the new Securities Law, financial resource misallocation declines significantly more among high-tech enterprises with poorer pre-reform disclosure quality than among those with better pre-reform disclosure quality. The mechanism results are consistent with three possible channels: improvement of the information environment, strengthening of external governance, and optimization of internal governance. Specifically, the reform is associated with greater analyst attention and incorporation of firm-specific information into stock prices, greater external audit input and investor confidence, higher internal control quality, and less executive opportunism. Heterogeneity analysis shows that the estimated negative association is statistically evident among non-state-owned high-tech enterprises, high-tech manufacturing enterprises, firms with relatively low institutional investor ownership, observations recorded when provincial marketization is at or above the corresponding province-specific sample-period mean, and firms receiving greater media attention. Further analysis documents negative associations between the reform and the magnitude of financing-cost deviations in both the high-cost and low-cost misallocation subsamples. Moreover, the estimated association between the reform and firm productivity becomes more positive at higher levels of contemporaneous financial resource misallocation. By focusing on an information-sensitive and innovation-driven setting, this study extends existing evidence on securities regulation and financial resource allocation. The findings further illuminate the information and governance channels, subgroup-specific patterns, directional characteristics of financing-cost deviations, and productivity-related implications associated with securities-law reform.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"118 ","pages":"Article 105418"},"PeriodicalIF":10.2,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149159768","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Carbon emission–reduction effect of “urban double repair”: does green finance play a moderating role?","authors":"Ning Xu,&nbsp;Jian Huang,&nbsp;Yi Zhao,&nbsp;Tianfang Ma,&nbsp;Xiang-Wu Yan","doi":"10.1016/j.irfa.2026.105432","DOIUrl":"10.1016/j.irfa.2026.105432","url":null,"abstract":"<div><div>Urban double repair (UDR) is a crucial driver of low-carbon and sustainable urban development, yet it has received limited scholarly attention. This study treats the UDR Pilot Policy (UDRPP) as a quasi-natural experiment to examine its impact on urban carbon emissions using panel data from Chinese cities between 2006 and 2019. Results show that UDR significantly reduces urban carbon emissions. Compared with non-UDRPP cities, those implementing UDRPP experience an average reduction of 0.2284 units in carbon emission intensity, while comparable urban renewal policies show no such effect. UDR achieves emission reductions mainly by improving land-use efficiency, enhancing waste treatment capacity, and expanding urban green space. Additionally, we find no robust evidence that green finance strengthens UDR's carbon-reduction effect. The interaction with the aggregate green finance index is statistically insignificant, and several component interactions are positive. UDR's emission-reduction effects are more pronounced in northern, small- and medium-sized, and non–resource-based cities as well as in cities with strong environmental commitment and low fiscal pressure. Conversely, cities designated as smart city or innovation pilots exhibit weaker results. This study offers empirical evidence from China's UDR experience to support global low-carbon sustainable development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"118 ","pages":"Article 105432"},"PeriodicalIF":10.2,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149159845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Interim trading and the performance evaluation of equity mutual funds","authors":"Stéphane Chrétien,&nbsp;Ali Ghali","doi":"10.1016/j.irfa.2026.105420","DOIUrl":"10.1016/j.irfa.2026.105420","url":null,"abstract":"<div><div>This paper investigates interim trading adjustments that are relevant when equity managers trade daily and the performance measurement period is monthly. We develop two new measures that account for interim investment opportunities and show their theoretical relevance. Empirically, more than 25% of the funds have statistically significant changes in performance when controlling for interim trading, although the mean adjustment across funds is not different from zero. The interim trading strategies of funds that are young, report high expenses, have high net flows and cash holdings, trade often due to liquidity reasons, deviate from traditional factors, exhibit very low or high daily volatility and follow a value investment style tend to affect negatively their unadjusted performance. The adjustments are also persistent over 3–5 years, and are determinants of future fund performance and flows. By comparison, two existing measures detect few significant adjustments in performance. Our findings suggest that adjusting fund performance evaluation for interim trading can be important.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"118 ","pages":"Article 105420"},"PeriodicalIF":10.2,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149123495","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Speaking of tomorrow: The impact of language future time reference on financial resilience","authors":"Michael Machokoto,&nbsp;Francis Osei-Tutu","doi":"10.1016/j.irfa.2026.105416","DOIUrl":"10.1016/j.irfa.2026.105416","url":null,"abstract":"<div><div>This study examines whether linguistic structure, specifically grammatical future-time reference (FTR), is associated with higher financial resilience and how this relationship depends on institutional context. Drawing on linguistic relativity theory, we test whether speakers of <span>weak-FTR</span> languages, those that grammatically associate the future with the present, exhibit greater financial resilience. Using individual-level data from the Global Findex Database across multiple countries and a multi-layered identification strategy incorporating language-family fixed effects, instrumental variables based on geographic linguistic diffusion, entropy balancing, propensity score matching, and coefficient stability bounds, we find that <span>weak-FTR</span> speakers are 11.98 percentage points more likely to mobilize emergency funds within 30 days (27.3 percent of the sample mean). Mediation analysis shows that savings and financial inclusion explain a significant part of the relationship between resilience and the linguistic structure, while a substantial share operates through other channels consistent with a liquidity–illiquidity wedge. Importantly, the association between linguistic structure and financial resilience is conditional on the institutional and financial development context. It is stronger in financially and institutionally developed environments but attenuates or reverses in less-developed or emerging-market settings. These findings underscore linguistic structure as a potentially important and underexplored correlate of financial resilience and suggest that financial education and inclusion policies can be enhanced by aligning communication with linguistic and cognitive contexts that shape individuals’ temporal perceptions.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"118 ","pages":"Article 105416"},"PeriodicalIF":10.2,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149123817","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}